Lamba Welding Systems Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 03833641 (England and Wales)

Abbreviated Accounts

for the Period 1 March 2013 to 31 August 2014

for

Lamba Welding Systems Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

B E Bates

SECRETARY:

J A Bates

REGISTERED OFFICE:

60 Racecourse Road

Gallowfields Trading Estate

RICHMOND

North Yorkshire

DL10 4TF

REGISTERED NUMBER:

03833641 (England and Wales)

ACCOUNTANTS:

Clive Owen & Co LLP

Chartered Accountants

140 Coniscliffe Road

DARLINGTON

Co Durham

DL3 7RT

FIXED ASSETS

Intangible assets

2

300

14,400

Tangible assets

3

232,436

177,287

232,736

191,687

CURRENT ASSETS

Stocks

136,500

101,000

Debtors

153,942

113,098

Cash at bank and in hand

12,272

1,488

302,714

215,586

CREDITORS

Amounts falling due within one year

4

417,340

359,682

NET CURRENT LIABILITIES

(114,626

)

(144,096

)

TOTAL ASSETS LESS CURRENT LIABILITIES

118,110

47,591

CREDITORS

Amounts falling due after more than one year

4

103,496

129,731

NET ASSETS/(LIABILITIES)

14,614

(82,140

)

CAPITAL AND RESERVES

Called up share capital

5

100

100

Profit and loss account

14,514

(82,240

)

SHAREHOLDERS' FUNDS

14,614

(82,140

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 August 2014.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 August 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 26 January 2015 and were signed by:

B E Bates - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements are prepared on the going concern basis which assumes that the company will continue

to trade. However, the validity of the going concern basis is dependent upon the continued support of the

company's bankers. If the company is unable to continue to trade, adjustments would be required to reduce the

value of assets to their recoverable amounts, to provide for any further liabilities that might arise and to analyse

both fixed assets and long term liabilities as current assets and liabilities.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

15% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Government grants

Government grants relating to property are treated as deferred income released to the profit and loss account

over the expected useful lives of the assets concerned. Other grants are credited to the profit and loss account as

the related expenditure is incurred.

Contract work in progress

Contract work in progress is valued at costs incurred, net of amounts transferred to cost of sales, less foreseeable

losses and payments on account not matched with turnover. Any profit attributable to contract work in progress,

calculated in accordance with Statement of Standard Accounting Practice No.9, has been included by way of

turnover and cost of sales with the amount by which payments on account are in excess of turnover included in

creditors as payments on account.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 March 2013

and 31 August 2014

37,600

AMORTISATION

At 1 March 2013

23,200

Amortisation for period

14,100

At 31 August 2014

37,300

NET BOOK VALUE

At 31 August 2014

300

At 28 February 2013

14,400

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 March 2013

236,762

Additions

81,526

Disposals

(12,646

)

At 31 August 2014

305,642

DEPRECIATION

At 1 March 2013

59,475

Charge for period

23,742

Eliminated on disposal

(10,011

)

At 31 August 2014

73,206

NET BOOK VALUE

At 31 August 2014

232,436

At 28 February 2013

177,287

4.

CREDITORS

Creditors include an amount of £ 146,211 (2013 - £ 208,127 ) for which security has been given.

They also include the following debts falling due in more than five years:

2014

2013

£

£

Repayable by instalments

46,155

34,163

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

100

Ordinary

£1

100

100